Needham & Company LLC Reaffirms “Buy” Rating for RxSight (NASDAQ:RXST)

RxSight (NASDAQ:RXST)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $43.00 price objective on the stock. Needham & Company LLC’s target price indicates a potential upside of 52.43% from the company’s current price.

RXST has been the topic of a number of other research reports. Jefferies Financial Group initiated coverage on RxSight in a research note on Tuesday, October 29th. They set a “buy” rating and a $72.00 price objective on the stock. Wells Fargo & Company dropped their target price on RxSight from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Monday, January 13th. UBS Group began coverage on RxSight in a research report on Friday, December 6th. They set a “buy” rating and a $52.00 target price on the stock. Finally, Stifel Nicolaus dropped their target price on RxSight from $40.00 to $35.00 and set a “hold” rating on the stock in a research report on Monday, January 13th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, RxSight currently has a consensus rating of “Moderate Buy” and an average price target of $51.63.

RxSight Price Performance

Shares of RXST opened at $28.21 on Wednesday. The stock’s 50-day moving average is $32.41 and its two-hundred day moving average is $43.26. The stock has a market cap of $1.14 billion, a PE ratio of -33.99 and a beta of 1.19. RxSight has a 12 month low of $26.29 and a 12 month high of $66.54.

RxSight (NASDAQ:RXST) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.25). The company had revenue of $40.21 million for the quarter, compared to analyst estimates of $40.23 million. RxSight had a negative return on equity of 14.00% and a negative net margin of 23.92%. On average, research analysts anticipate that RxSight will post -0.7 earnings per share for the current year.

Insider Activity at RxSight

In related news, Director Shweta Maniar sold 3,519 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $30.87, for a total value of $108,631.53. Following the completion of the sale, the director now directly owns 7,383 shares of the company’s stock, valued at $227,913.21. The trade was a 32.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jesse Anderson Corley bought 1,443 shares of the stock in a transaction dated Wednesday, January 15th. The shares were bought at an average cost of $31.18 per share, with a total value of $44,992.74. Following the completion of the acquisition, the director now directly owns 1,443 shares of the company’s stock, valued at approximately $44,992.74. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 9.36% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RxSight

Several institutional investors have recently made changes to their positions in RXST. Brown Capital Management LLC bought a new position in shares of RxSight during the third quarter valued at approximately $26,813,000. Royal Bank of Canada grew its holdings in shares of RxSight by 3,094.6% during the fourth quarter. Royal Bank of Canada now owns 508,491 shares of the company’s stock valued at $17,481,000 after purchasing an additional 492,574 shares during the last quarter. DF Dent & Co. Inc. bought a new position in shares of RxSight during the fourth quarter valued at approximately $14,524,000. Bank of America Corp DE grew its holdings in shares of RxSight by 23.7% during the fourth quarter. Bank of America Corp DE now owns 2,159,923 shares of the company’s stock valued at $74,258,000 after purchasing an additional 413,737 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in shares of RxSight by 610.2% during the third quarter. Point72 Asset Management L.P. now owns 446,976 shares of the company’s stock valued at $22,094,000 after purchasing an additional 384,041 shares during the last quarter. 78.78% of the stock is owned by institutional investors.

RxSight Company Profile

RxSight, Inc, a commercial-stage medical device company, engages in the research and development, manufacture, and sale of light adjustable intraocular lenses (LAL) used in cataract surgery in the United States and internationally. It offers RxSight system that enables doctors to customize and enhance the visual acuity for patients after cataract surgery.